Vibrant Gujarat Summit: Suzuki added that before the end of the year, Maruti’s current Gujarat plant will begin producing the group’s first battery-electric vehicle. The car will be sold in Japan in addition to India and Europe; this will be Maruti’s first export to the nation of origin of its parent firm.
At the Vibrant Gujarat Global Summit 2024 in Gandhinagar, Prime Minister Narendra Modi was present as well as Suzuki Motor Corporation (SMC) President Toshihiro Suzuki announced two major investments in Gujarat on Wednesday, January 10. The first investment is for Maruti Suzuki India Ltd to build a new car manufacturing facility in Gujarat. The plant is anticipated to begin production in FY28–29 and have a 1 million unit annual capacity.
According to the corporate statement, the project will cost ₹35,000 crore in total, excluding land acquisition charges. The second entails a ₹3,200 crore investment into Maruti Suzuki’s wholly-owned subsidiary, Suzuki Motor Gujarat Private Ltd (SMG). In order to increase the output of electric vehicles, a fourth production line will be established with the help of this investment.
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It is anticipated that the new line would start operating in FY26–27. After the fourth line is finished, SMG will be able to produce one million units annually instead of the present 750,000. Suzuki’s yearly production capacity in Gujarat will equal two million units with the addition of the new plant.
For FY30–31, Maruti Suzuki intends to secure a production capacity of about 4 million units in India, in anticipation of the nation’s growing car industry. To help reach this milestone, SMG’s fourth manufacturing line, the new plant in Gujarat, and the new factory in Kharkhoda, Haryana, are all expected to begin operations in 2025.
Suzuki added that before the end of the year, Maruti’s current Gujarat plant will begin producing the group’s first battery-electric car. The car will be sold in Japan for the first time by Maruti, in addition to India and Europe. This is the nation of origin for the parent business of Maruti. By 2030, Maruti, which holds a dominant market share of over 40% in the third largest auto market globally, intends to introduce six electric vehicle types. “In this ever-growing country, we will provide a variety of sustainable mobility options by focusing on Indian customers,” Suzuki declared during his summit speech.
He added, “It is noteworthy that we expect 1.7 times in vehicle production and 2.6 times in export sales in the current fiscal year, compared to 10 years ago.”The investment meeting is a part of Prime Minister Modi’s last-ditch effort to draw in more foreign capital before a nationally anticipated victory in his bid for a third term.
Frequently asked question
What is Gujarat vibrant summit?
Held in the Indian state of Gujarat every two years, Vibrant Gujarat, also known as the Vibrant Gujarat Global Summit, is an international business event for investors.
Is vibrant Gujarat open for public?
On January 10 and 11, the trade fair will be open for business engagement for two days. On January 12 and 13, the general public will be able to visit.
What is Gujarat summit?
According to a PMO statement, the Vibrant Gujarat Global Summit is an international platform for commercial cooperation, information exchange, and strategic alliances for equitable growth and sustainable development. It was launched in 2003, while Modi was the state chief minister. January 10, 2024, 09:31:17 IST.
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